长风药业通过港交所聆讯，公司收入严重依赖单一产品

Core Viewpoint - Changfeng Pharmaceutical Co., Ltd. is focusing on the research, production, and commercialization of inhalation technology and drugs, primarily targeting respiratory diseases, with a significant reliance on the sales of its product CF017 [1][2]. Group 1: Financial Performance - The company reported revenues of approximately 349 million, 556 million, 608 million, and 136 million for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [2]. - Net profits for the same periods were approximately -49.4 million, 31.7 million, 21.1 million, and 12.8 million [2]. - Gross profits were approximately 268 million, 458 million, 491 million, and 108 million, with corresponding gross margins of 76.6%, 82.2%, 80.9%, and 79.4% [3]. Group 2: Product Dependency - The sales revenue from CF017 accounted for 96.2%, 98.4%, 94.5%, and 91.6% of total revenue for the years 2022, 2023, 2024, and the first quarter of 2025, indicating a heavy reliance on this single product [2]. - CF017, an inhalation solution for treating bronchial asthma, was approved in May 2021 and has been included in centralized procurement plans, contributing to market growth [2]. Group 3: Customer and Supplier Concentration - Revenue from the top five customers accounted for approximately 60.2%, 69.4%, 66.4%, and 65.6% of total revenue for the years 2022, 2023, 2024, and the first quarter of 2025 [4]. - The largest customer contributed approximately 28.5%, 31.4%, 30.2%, and 25% of total revenue during the same periods [4]. - The company’s procurement from the top five suppliers represented approximately 41.1%, 34.3%, 44.5%, and 35.8% of total procurement for the years 2022, 2023, 2024, and the first quarter of 2025 [4].